The global vanadium redox batteries market is estimated to reach USD 4,475.12 Million by 2028, at a CAGR of 59.7% during the forecast period from 2021 to 2028. Rising demand for large energy storage devices for further application like charging electric vehicles esp. electric cars is one of the major driving factors which promotes the growth of the market. Furthermore, easy deployment of the batteries is also one of the major factor that also assist in driving the growth of the market. Rising consumer preference followed by cost effective price of the product is the second most driving factor which promote the growth of the market. Nonetheless, ongoing research and development in the field of vanadium redox batteries will bring the huge growth opportunities during the forecasted year.
Vanadium redox flow batteries are large stationary electricity storage systems with many potential applications in a deregulated and decentralized network. Vanadium redox flow batteries store chemical energy and generate electricity by a redox reaction between vanadium ions dissolved in the electrolytes. VRFB are essentially comprised of two key elements; the cell stacks, where chemical energy is converted to electricity in a reversible process, and the tanks of electrolytes where energy is stored.
The most significant feature of the flow batteries in general is maybe the modularity of their power (kW) and energy (kWh) ratings which are independent of each other. In fact, the power is defined by the size and number of cells whereas the energetic capacity is set by the amount of electrolyte stored in the reservoirs. Hence, flow batteries can be optimized for either energy and/or power delivery.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus first discovered in 2019 in China, and later it spread across the whole world. The demand for healthcare products rises rapidly. The whole world looking after the manufacturing of vaccines, drugs and other. The demand for the non-essential product start declining. Such phenomenon halt the both production and demands for the vanadium redox batterie. Thus the breakthrough of COVID 19 directly put negatively impact towards the vanadium redox batteries market. Penetration of 5G network in the various countries may expected to boost the global vanadium redox batteries market in the coming years.
Based on type, the vanadium redox batteries market is classified into two types carbon paper electrode and graphite felt electrode. Graphite felt electrode hold the largest market share accounted for more than 70% of the share in the year 2020. Increasing demand from the end-users industry is one of the major factors which propel the growth of the market.
Based on the application, the global vanadium redox batteries market is classified into large scale energy storage, uninterruptible power supply and emergency power supply. The large scale energy storage holds the largest market shares in terms of revenue generation. The same segment is expected to grow during the forecasted year from 2021 to 2028. The large scale energy storage segment contribute more than 80% of the total market share in the year 2020
Adroit Market Research report on global Vanadium redox batteries market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global Vanadium redox batteries market have been studied in detail.
The global vanadium redox batteries market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa. Regional market is driven by the strong development in electrical operated car and other vehicles. Asia Pacific region accounted for more than 35% market share of the total vanadium redox batteries market. In addition, Asia pacific is the dominating region throughout the forecast period. China is the major consumer of vanadium redox batteries. Increasing demand of the countries is the major driving factor which promote the growth of the market. Advanced infrastructural development of the region. Europe also shown the lucrative growth of vanadium redox batteries market. According to the European Energy Research Alliance (EERA) and The European Association for Storage of Energy (EASE), cost-performance improvements in energy storage technology and the public policy commitment towards reducing carbon dioxide emissions are the key environmental factors that are expected to have a positive impact on energy storage technologies. Green energy development of strategy of India will also bring the huge opportunities during the forecasted year.
Major current market players include Imergy Power Systems, Inc., Northern Graphite, UniEnergy Technologies, StorEn Technologies, Sumitomo Corp., Gildemeister AG, Prudent Energy. and Others
Segment Overview of Global Vanadium Redox Batteries Market
Type Overview, 2019-2028 (USD Million)
- Carbon Paper Electrode
- Graphite Felt Electrode
Application Overview, 2019-2028 (USD Million)
- Large Scale Energy Storage
- Uninterruptible Power Supply
- Emergency Power Supply
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World